USD/CAD Price Analysis: Struggles near multi-day low, seems vulnerable to slide further – by hareshmenghani USDCAD Technical Analysis Majors Currencies
prices regain some positive traction and reverse a part of Monday's pullback from a five-week high, which, in turn, is seen underpinning the commodity-linked Loonie. The US Dollar , on the other hand, prolongs its descending trend for the fourth straight day and drops to a two-month low. This contributes to the offered tone surrounding the USD/CAD pair and supports prospects for further losses.
From a technical perspective, last week's failure near the 50-day Simple Moving Average and the subsequent sharp pullback from the 1.3385 region, or a one-month peak, favour bearish traders. Moreover, oscillators on the daily chart have again started gaining negative traction and add credence to the negativeHence, some follow-through decline towards testing the next relevant support near the 1.3225-1.3220 area, en route to the 1.
On the flip side, the overnight swing high, around 1.3300 round figure now seems to act as an immediate hurdle. A sustained move beyond might trigger a short-covering move and lift the pair back towards the 50-day SMA resistance, currently around the 1.3375-1.3380 region. This is closely followed by the 1.3400 mark, which if cleared decisively will shift the near-term bias in favour of bullish traders.
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